Family Business Succession Planning presentation by Ed Arista for the Skylake Synagogue in Aventura.

Ed Arista recently presented on Family Business Succession Planning as part of the Financial Success Series at the Skylake Synagogue in Aventura.  Advanced planning using effective legal structures is one of the most important ways to increase the chances that a family business will survive the transition from one generation to the next.  This is especially true when the transition happens unexpectedly or involuntarily, such as due to the death, divorce or incapacity of a member of the founding generation.  Most businesses should at the very least be organized as a Limited Liability Company with a special form of operating agreement, which is then owned by a certain type of Trust or Trusts containing specific provisions for this purpose.  Additional asset protection and estate tax savings can be achieved with more sophisticated legal structures.  This is especially important in light of the new estate tax laws going into effect on January 1, 2013 that will tax estates over $1 million at rates up to 55%.  Please contact us for a copy of this presentation or to learn more about legal planning to reduce taxation and manage legal risks associated with lawsuits, death and incapacity.